Industrial auctions are a simple solution to finding the equipment you need at the price you want to pay.

Auctions can be competitive: the highest bid wins the desired item, so what do you do to prevent someone from out bidding you the last minute, and what approach should you take to ensure that you get the best deal?

Buying at an industrial equipment auction may be a large purchasing decision, but how can you strategize your bids to get the best deal?

Learn key tips on the best approach to use when bidding at an auction, discover how to put emotions aside, and win the best deal without overpaying below.

FYI, if you are in the market for industrial equipment, check out HGR Auctions for the best deals at our very first auction on January 20.

3 key tips to scoring the best deal at an online industrial auction

1. Know your score before the auction

Research is vital when it comes to auctions. You must know the product inside out before placing a bid to understand the item’s true value.

With the correct information on how the product is doing in the market, you will be able to determine the ideal buying range and your maximum bid (or walk away price).

Plus, researching the product’s price helps you evaluate why this piece of equipment is necessary for your production line and other alternatives that may be within your price range.

Being in an educated position and identifying when you are getting the best deal is always an added advantage since confidence in an auction is half the battle.

When you are armed with research, you will be able to determine your maximum bid, saving you time, money, and energy spent on competitive bids.

2. Set the auction pace

Having a bidding strategy can save you a great deal of money. Most professional bidders are considered aggressive and unemotional in their bidding process, which is a tactic they have mastered to crank up the pressure and unsettle other bidders.

However, inexperienced bidders will always wait until the end, hoping that the item’s final bid does not exceed their budget, which is okay if you have no budget limit.

But having done your research, being proactive and feeling confident in your bidding is the best way to go. Proactive bidding is the best way of getting the best deal as you can:

Pre-bid on items before the auction goes live
Set your maximum bid for optimized smart bidding
Turn on instant bidding to quickly turn around bids in your favor

As a bidder, your main goal is to make other bidders uncertain, and when most bidders are uncertain, they will become indecisive and finally withdraw from the bid.

At times your might have the best tactics, but if a bidder is prepared to bid even much higher, there is absolutely nothing you can do.

Start your auction strategy now by pre-bidding for items on HGR Auction’s January 20 auction. With over 190 items starting at just $20, you’ll be able to find the equipment you want for a great price.

3. Maintain self-control

At an auction, you are competing against everyone: other bidders, the auctioneer, the selling agent, and the vendor.

Auctions are known for their fast-paced, adrenaline-boosting properties. It’s all in the thrill of bidding for and winning an item you’ve been coveting.

However, if you let your emotions get the best of you, you might overextend yourself and find your budget at its cap before you’ve even started, potentially missing out on other items you were looking to bid on.

For that reason, it’s necessary to remain levelheaded in an auction environment. Using the two tips above will help you by educating you on the best price of the items you want to buy and enabling you to perform well during the auction.

Register on our new online auction platform

HGR Auctions is your new destination for bidding on industrial robots, manufacturing equipment, CNC machines, MRO, and much more.

Create an account online in seconds and register for our January 20 auction to start pre-bidding now! Save on a variety of items from popular name brands including Lincoln Electric, FANUC, Wellsaw, and more.